KEY POINTS:
The Australian share market finished slightly lower today, dragged down by the two major miners and a weak US lead.
At the 1615 AEDT close, the benchmark S&P/ASX200 index closed 2.7 points lower to 6530.8, while the All Ordinaries was down 8.4 points to 6588.8.
On the Sydney Futures Exchange, the December share price index contract was down 18 points to 6,540 on a volume of 20,031 contracts, according to preliminary calculations.
At close, mining giant Rio Tinto was down A$3.80 to A$143.10 and BHP Billiton was 10 cents lower to A$43.10.
ABN Amro Morgans private client adviser, Trent Muller, said it was an uneventful day on the market.
Mr Muller attributed today's slight downward trend to the two major miners, Rio and BHP, which were dragged down by the lower base metal prices overnight.
Wall Street stocks also closed lower.
"It is a pretty dull and boring day really," Mr Muller said.
"The weakness today is a result of Rio and BHP and also Macquarie Group and Newcrest Mining, they are the most significant contributors."
Mr Muller said the Reserve Bank of Australia's expected announcement tomorrow on interest rates had no effect on share trading.
"It is having no impact because most people are anticipating a hold this month and a rate rike in February," Mr Muller said.
"If the rate hike does happen, it will go against the market's expectations."
Macquarie Group closed down A$1.15 to A$78.90, while Newcrest Mining was down $1.10 to $32.06.
Gold miner Lihir Gold was down eight cents to A$3.79 and Newmont Mining was steady at A$5.70.
The spot price of gold in Sydney at 1622 AEDT was US$789.90, up US$1.70 from last night's closing price of US$788.20.
Mr Muller said that National Australia Bank finished up after earlier weakness due to an acquisition in the United States,
The bank announced late last week the A$900 million purchase of US regional bank Great Western Bancorporation.
At close, NAB shares were up 30 cents to A$39.10, while Commonwealth Bank fell 12 cents to A$59.54, Westpac was down three cents to A$28.17 and ANZ was down one cent to A$27.84.
Mr Muller also said Crown Ltd, the company trading out of the demerged Publishing and Broadcasting, finished down 57 cents to $13.70 after surging yesterday during its debut on the stock exchange.
Speculation Telstra Corp was eyeing the media assets of the demerged PBL, Consolidated Media Holdings Ltd, triggered a strong performance, with shares of the former Packer company closing up 16 cents to $4.18 on a deferred settlement basis.
Media stocks were down, with News Corp 11 cents lower to A$24.27, its non-voting scrip down 18 cents to $23.50, Ten Network down four cents to A$2.79, Seven Network 16 cents lower to A$13.52 and Fairfax Media steady at A$4.73.
Telstra fell four cents to A$4.64, while its instalment receipts were down five cents to A$3.11.
Woolworths shares were up 36 cents to A$33.75, but Wesfarmers was down 25 cents to A$42.75.
In the energy sector, Woodside Petroleum fell 32 cents to finish at A$47.70, Santos was down 32 cents to A$13.59, but Oil Search gained seven cents to A$4.60.
Overall, the top traded stock of the day was Retail Star Ltd, with 82.77 million shares trading worth $1.7 million.
The stock closed up 0.7 cents to two cents.
Overall, preliminary market turnover was 1.98 billion shares traded worth A$6.68 billion, with 579 higher 698 lower and 344 unchanged.
- AAP